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1984 (2) TMI 160
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....tion at Rs. 30,000 in place of Rs. 50,000 adopted by the ITO. 2. The facts necessary for the disposal of this appeal are as follows: On 21st July, 1974, the assessee sold land with building in the State of Rajasthan to his five grand sons at a consideration of Rs. 30,000. In the income-tax return he showed the cost of acquisition of the said property at Rs. 15,000 and cost of improvement at ....
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....ngly argued that the order of the AAC is incorrect and should be set aside. On the other hand it was pointed out by the authorised representative of the assessee that the AAC decided the appeal before him in accordance with the decision of this Tribunal in ITA No. 149 (Gau) of 1976-77 by which this case is covered. 6. On consideration of the materials on record, facts and circumstances of the c....